Blue Dart Sales up 13.6%

Mumbai: July 25, 2002

Blue Dart Express Limited, South Asia's largest integrated air express, courier and logistics company, declared its financial results for the first quarter ended June 30, 2002 at the Board Meeting held in the city today.

The Company's Income from operations for the first quarter of the financial year 2002-2003 has increased by 13.6% as compared to the first quarter of the previous year. Blue Dart has increased its profit after tax by 20% to Rs. 451 lacs for the first quarter as compared to the previous year.

Commenting on the results, Mr. Clyde Cooper, Managing Director, Blue Dart Express Limited said "The Company has attributed these results to growth in the small package segment. With healthy load factors and the three aircraft running at optimal levels, Blue Dart has been able to fulfill a vital demand for quality capacity. This has also helped in implementation of Just-in-time distribution and Supply Chain Management Solutions. Blue Dart has added infrastructure, network connectivity and enhanced capacity, mainly to sustain quality service and operational efficiency for future growth."

Blue Dart, South Asia's leading courier and integrated air express package distribution company with dedicated aviation infrastructure, offers secure and reliable delivery of consignments to over 13,000 locations in the region. The Blue Dart team drives marketplace leadership through its unique aviation system, cutting edge technology, innovation and value-added services to deliver unmatched standards of service quality to its customers.

Notes:

1.The Consolidated Accounts represents those of Blue Dart Express Limited and Blue Dart Aviation Limited.

2.Freight, handling and servicing costs are up vis a vis previous year on account of enhanced capacity and infrastructure comprising of mainly one aircraft addition, which would support the Company to leverage its growth over a period of time.

3.The provision for taxation for the nine months ended December 31, 2001 has been made consequent to the new Accounting Standard (AS-22), Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, which is effective from April 1, 2001, relating to compulsory provision for deferred taxation. The deferred tax provision relating to previous years amounting to Rs. 9.59 crores has been adjusted against the reserves as on April 1, 2001.

4.The increase in Share Capital from Rs. 11.89 crores to Rs. 23.73 crores is on account of allotment of 1,18,63,967 bonus equity shares on September 4, 2001 in the ratio of one equity share for each share held by the shareholders and accordingly, EPS has been computed and adjusted.

5.The Company has forfeited 52,700 equity shares of Rs. 10/- each on account of non-payment of allotment and / or call money on shares..

6.The Accounting Standard on Consolidation of Financial Statements, became mandatory effective accounting periods commencing on or after April 1, 2001. The Company adopted the above Standard from the year ended March 31, 2001, and has consolidated its current nine months results based on the said Standard.

7.The Company is primarily engaged in a single segment business of integrated transportation and distribution of shipments and is managed as one entity , for its various service offerings and is governed by a similar set of risks and returns. The said treatment is in accordance with the guiding principles enunciated in the Accounting Standard ( AS-17 ) on Segment Reporting.

8.The prior year's figures have been regrouped and reclassified to make it comparable with the current year figures.

9.The above results were reviewed by the Audit Committee and were thereafter approved by the Board at its meeting held on January 15, 2002

By Order of the Board
for Blue Dart Express Limited

For further information contact :

marketing@bluedart.com
15th January, 2002.